Q3 2014 Overview

Strategic Priorities Transform retail and deepen relationships within targeted customer segments • Build on our expertise in payments and accelerate credit card growth Canadian Banking • Leverage commercial banking platform to achieve greater market penetration • Extend Tangerine's offerings to meet banking needs of self-directed customers Improve operational excellence and deliver sustained cost savings . Leverage expertise in key markets with a focus on becoming the primary bank to our customers ■ Optimize our operating model to maximize efficiency to best serve our customers International Banking ⚫ Make it easier for our customers to do business with us Global Wealth & Insurance Global Banking & Markets ⚫ Drive growth and scale in our priority region of Latin America ⚫ Focus on acquiring and building loyal and profitable client relationships ⚫ Expand international capabilities in key wealth and insurance businesses Continue to build scale in global asset management ⚫ Drive growth in Global Transaction Banking through integrated cash management, payments and trade finance solutions • Strengthen customer relationships and product capabilities to enhance profitability Optimize our coverage model to drive cross-sell • Grow our business in regions that capitalize on the Bank's existing geographic footprint Financial Review Scoti You' Sean McGuckin Chief Financial Officer 5 Scotiabank Scotiabank 3

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